BEIJING -- China's central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

While the People’s Bank of China can't directly regulate bitcoin miners' power usage, it can ask local authorities to do so, the central bank told members of the Leading Group of Beijing Internet Financial Risks Remediation at a meeting at the end of 2017, the source said. ...

At the meeting, the PBOC said development of bitcoin mining will be limited, according to the source, who declined to be named as he is not authorized to speak on the matter. ...

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